Economy

JPMorgan becomes first major bank to say first quarter GDP will decline because of coronavirus surge

Volunteers from women’s organization Nuevo Amanecer Mujer Integral help with the distribution of frozen turkeys and food boxes ahead of Thanksgiving to families affected by the Covid-19 pandemic on November 18, 2020 in Los Angeles, California. Frederic J. Brown | AFP | Getty Images JP Morgan economists now see an economic contraction in the first […]

Economy

October existing home sales see ‘spectacular’ 26.6% annual increase

Sales of existing homes in October soared well past expectations, rising 4.3% compared with September and 26.6% annually to a seasonally adjusted annualized rate of 6.85 million units, according to the National Association of Realtors. The NAR’s chief economist, Lawrence Yun, called the annual increase “a spectacular gain.” The annualized sales rate is the highest […]

Economy

Weekly jobless claims:

The pace of workers filing for unemployment claims picked up last week and was a bit higher than Wall Street had been expecting. Jobless claims totaled 742,000 for the week, ahead of the 710,000 estimate from economists surveyed by Dow Jones, according to the Labor Department. That total also represented an acceleration from the previous […]

Economy

Bostic says Fed’s tools still have ‘juice’ and will be used if the economy slows

Atlanta Federal Reserve President Raphael Bostic said the central bank is prepared to step in with more policy help if needed to help businesses and people get through what could be some tough months ahead. Even with the prospects of at least two vaccines becoming available in the coming months, Bostic said there are multiple […]

Economy

Weekly jobless claims fall in another sign of labor market improvement

First-time claims for unemployment insurance continued their decline last week, hitting another pandemic-era low in a sign that the labor market is gradually improving. The Labor Department reported Thursday that jobless claims hit 709,000 for the week ended Nov. 7, down from 757,000 the week before. Economists surveyed by Dow Jones had been looking for […]

Economy

choppy 6 months ahead despite covid vaccine

A United States Postal Service (USPS) worker works in the rain in Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York, April 13, 2020. Andrew Kelly | Reuters LONDON — The next six months will remain turbulent as the global economy keeps grappling with the effects of the coronavirus pandemic, Eric Rosengren, […]

Economy

Here’s where the jobs are for October 2020 — in one chart

The U.S. economy added more jobs than expected in October and the unemployment rate fell sharply even as Americans continue to grapple with Covid-19 and its dampening impact on business. The Labor Department reported Friday that nonfarm payrolls increased by 638,000 and the unemployment rate was at 6.9%, both better than expectations of 530,000 jobs added […]

Economy

Jobs report shows labor market stronger than expected, as economy faces new surge in Covid cases

The labor market was stronger than expected in October, showing good momentum ahead of the latest wave of coronavirus cases. The economy added 638,000 nonfarm payrolls and the unemployment rate fell by a full percentage point to 6.9%. The government compiled the data for the report in the middle of October. Stock futures temporarily erased […]

Economy

Jobs report October 2020:

Employment growth was better than expected in October and the unemployment rate fell sharply even as the U.S. faces the challenge of surging coronavirus cases and the impact they could have on the nascent economic recovery. The Labor Department reported Friday that nonfarm payrolls increased by 638,000 and the unemployment rate was at 6.9%. Economists […]

Economy

Job growth expected to have slowed in October, as rehirings drop off, layoffs increase

A construction worker wearing a mask carries a steel beam as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on September 11, 2020 in New York City. Alexi Rosenfeld | Getty Images Economists mostly expect job growth slowed in October, as the pace of rehirings dropped off […]